Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier

Bitcoin price is trading in negative territory, down 2.50% in the second half of the session.
The price is pushing for another big retest of a breached bearish flag structure.
Upside is extremely limited by a barrier of resistance, at the $6500-$7000 price range.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The price remains within consolidation mode, moving within a rising channel formation, at risk of breakout.

BTC/USD 60-minute chart

Price action broke out and retested a breached 60-minute pennant pattern.

Spot rate: 6468.12

Relative change: -2.50%

High: 6437.11

Low: 6182.27

BTC/USD

Overview
Today last price	6261.6
Today Daily Change	-161.61
Today Daily Change %	-2.52
Today daily open	6423.21

Trends
Daily SMA20	5960.43
Daily SMA50	7927.08
Daily SMA100	8173.02
Daily SMA200	8248.38

Levels
Previous Daily High	6525.83
Previous Daily Low	6338.56
Previous Weekly High	6983.8
Previous Weekly Low	5683.95
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6454.29
Daily Fibonacci 61.8%	6410.1
Daily Pivot Point S1	6332.57
Daily Pivot Point S2	6241.93
Daily Pivot Point S3	6145.3
Daily Pivot Point R1	6519.84
Daily Pivot Point R2	6616.47
Daily Pivot Point R3	6707.11

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier